Required information [The following information applies to the questions displayed below.) The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account balances: Accounts Cash Debits $41,500 Credits Accounts Receivable 25,700 Land 110,800 Accounts Payable $15,300 Notes Payable (due in 2 years) 30,000 Common Stock 100,000 Retained Earnings 32,700 Totals $178,000 $178,000 The following is a summary of the transactions for the year: 1. January 12 2. February 25 3. March 19 4. April 30 5. June 16 6. July 7 7. September 30 8. November 22 9. December 30 Provide services to customers on account, $62,400. Provide services to customers for cash, $75,300. Collect on accounts receivable, $45,700. Issue shares of common stock in exchange for $30,000 cash. Purchase supplies on account, $12,100. Pay on accounts payable, $11,300. Pay salaries for employee work in the current year, $64,200. Pay advertising for the current year, $22,500. Pay $2,900 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $2,500 and will be paid January 1, 2025. Accrued salaries at year-end amounted to $1,500 and will be paid on January 5, 2025. Supplies remaining on hand at the end of the year equal $2,300. 8-a. Prepare the income statement for the year ended December 31, 2024. 8-b. Prepare the classified balance sheet for the year ended December 31, 2024. < Prev 3 4 6 Next > 8-a. Prepare the income statement for the year ended December 31, 2024. 8-b. Prepare the classified balance sheet for the year ended December 31, 2024. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the income statement for the year ended December 31, 2024. JACKRABBIT RENTALS Income Statement For the Year Ended December 31, 2024 Expenses: Total Expenses Required A 0 Required B > Required information Required A Required B Prepare the classified balance sheet for the year ended December 31, 2024. JACKRABBIT RENTALS Balance Sheet December 31, 2024 Assets Current assets: Cash Accounts Receivable Supplies Current liabilities: Accounts Payable Salaries Payable Total current assets Long-term assets: Land: Interest Payable Total current liabilities Long-term liabilities:: Notes Payable Liabilities 0 Total liabilities: $ 0 Stockholders' Equity 0 Common Stock Retained Earings Total stockholders' equity 0 Total assets $ 0 Total liabilities and stockholders' equity $ 0 Dray Next